There are some steps we take in life that change everything about our lives. Getting married is one of those, and it can be easy to get caught up in the emotional side of the approaching event, and forget about practical changes that need to be made. You are entering into a partnership – intended for life – in which a lot will be shared, not least your finances. However you plan to run the financial side as a couple, whether you are going down the joint-finances route or otherwise, it pays to get sound financial advice when getting married if you want to be sure everything is above board and understood.
There are a number of areas in which you will need to take sensible advice and act accordingly, so let’s have a look in brief at the main necessary points.
You likely have named beneficiaries on the likes of life insurance policies, accounts for when you retire, maybe a will, and you will need to review these when you get married. Do you wish your spouse to become the main beneficiary of your estate? If so, you need to consult an attorney and have the right paperwork drawn up in order that everything goes as planned in the event of your death.
Tax becomes a major issue when you are married, as allowances and such can change. You need to review your income tax withholding amount, and you might want to file joint tax accounts from now on. It will be very helpful to talk to a professional with experience in this area of the law, as that will give you the peace of mind you have everything sorted for the occasion.
We mentioned life insurance above, but it remains so that many people choose not to spend on life insurance when they are single. If that applies to you, now that you are married you may wish to review the situation, and set up a life insurance account for yourself. There are many people who can help you choose the right plan for you. This applies also to any disability plans you may have in place, so ensure that you have all your paperwork for policies such as this up to date.
If you have savings and retirement accounts, such as a Roth IRA, you need to get help with reviewing the situation for when you are married. This is because allowances can change quite considerably, as your income will naturally alter. This is one area where you need to check out the details very carefully, as there is not enough space for us to explain in detail what the changes are.
Marriage is a major event, and there is a lot going on in terms of planning even for the smallest of weddings, so we advise that you talk to a finance expert before the big day, and take their advice on what needs to be done.